MFA FINANCIAL (MFA) Company Report

MFA Financial reported a total economic return of 3.1% for Q4 2025 and 9% for the full year 2025, with GAAP earnings of $54.3 million or $0.42 per basic common share for the quarter. Distributable earnings increased to $0.27 per share in Q4 2025, up from $0.20 in Q3.
The company continued its program of issuing preferred stock and repurchasing common stock, selling approximately $5 million in preferred shares and repurchasing 540,000 common shares at a 33% discount to Economic Book Value in Q4 2025. This program has been reauthorized.
MFA acquired $1.9 billion of loans and securities in Q4 2025, including $1.2 billion of agencies and $443 million of non-QM loans. G&A expenses for the full year 2025 were $119.4 million, a 9.5% decline from $132 million in 2024, with further reductions expected in 2026.
Management is optimistic about 2026 due to favorable market conditions, including lower rates and volatility, and expects material earnings growth from Lima One's initiatives and the ability to unlock $50 million-$100 million of capital through securitization calls.

Feb 18, 2026, 4:00 PM

Transcript

MFA Financial Reports Q4 and Full Year 2025 Results, Highlights Strategic Initiatives

MFA

Earnings

Share Buyback

New Projects/Investments

MFA Financial reported a total economic return of 3.1% for Q4 2025 and 9% for the full year 2025, with GAAP book value at $13.20 per share and economic book value at $13.75 per share as of December 31st.
The company reduced G&A expenses to $119.4 million for the full year 2025, down from $132 million in 2024, and reported Q4 2025 distributable earnings of $27.8 million, or $0.27 per share, with expectations for DE to reconverge with the common dividend in the second half of 2026.
In Q4 2025, MFA deployed $1.9 billion into loans and securities, including $1.2 billion in agency securities and $443 million in non-QM loans. The company also repurchased 540,000 shares of common stock at a 33% discount to Economic Book Value by issuing approximately $5 million in preferred shares.
MFA is relaunching multifamily lending and a new wholesale channel at Lima One in Q1 2026, and anticipates unlocking $50 million-$100 million of capital in 2026 by calling and reissuing securitization deals.

Feb 18, 2026, 4:00 PM

Transcript

MFA Financial Reports Q4 and Full Year 2025 Results, Highlights Strategic Initiatives

MFA

Earnings

Share Buyback

Convertible Preferred Issuance

MFA Financial reported a total economic return of 3.1% for Q4 2025 and 9% for the full year 2025, with a total shareholder return of 6% for the year. At December 31, 2025, the company's GAAP book value was $13.20 per share and economic book value was $13.75 per share.
The company acquired $1.9 billion of loans and securities in Q4 2025, including $1.2 billion of agencies, $443 million of non-QM loans, and $226 million of business purpose loans from Lima One, which contributed to a 50% growth in its agency book to $3.3 billion.
General and administrative (G&A) expenses for the full year 2025 were $119.4 million, representing a 9.5% decline from $132 million in 2024, with Q4 2025 G&A totaling $27 million.
MFA continued its program of issuing preferred stock and repurchasing common stock, selling approximately 163,000 shares of Series C and 53,000 shares of Series B for $5 million in proceeds. These proceeds were used to repurchase approximately 540,000 common shares at a 33% discount to Economic Book Value, and the board has reauthorized this program.
The company expects distributable earnings to reconverge with its common dividend in the second half of 2026 and anticipates unlocking $50 million-$100 million of capital in 2026 by calling and re-leveraging securitizations.

Feb 18, 2026, 4:00 PM

Transcript

MFA Financial Announces Q4 2025 Results

MFA

Earnings

Dividends

Share Buyback

MFA Financial reported GAAP Net Income of $0.42 per common share and Distributable Earnings of $0.27 per common share for Q4 2025.
As of December 31, 2025, the company's GAAP Book Value was $13.20 per common share and Economic Book Value was $13.75 per common share.
A Quarterly Dividend of $0.36 per common share was declared, resulting in a 14.6% dividend yield as of February 13, 2026.
In Q4 2025, MFA acquired $1.2 billion in Agency MBS and $443 million in Non-QM Loans, with Lima One originating $226 million in Business Purpose Loans.
For the full year 2025, the company deployed over $100 million of excess cash into target assets, reduced G&A expenses to $119 million (down from $132 million in 2024), and repurchased over 1 million common shares.

Feb 18, 2026, 4:00 PM

Presentation

MFA Financial, Inc. Announces Fourth Quarter and Full Year 2025 Financial Results

MFA

Earnings

Dividends

Share Buyback

MFA Financial, Inc. reported GAAP net income of $43.6 million ($0.42 per basic and diluted common share) for Q4 2025 and $136.5 million ($1.31 per basic common share) for the full year 2025. Distributable earnings were $27.8 million ($0.27 per basic common share) for Q4 2025 and $104.0 million ($1.00 per common share) for the full year 2025.
At December 31, 2025, GAAP book value was $13.20 per common share and economic book value was $13.75 per common share. The company achieved a total economic return of 3.1% for Q4 2025 and 9.0% for the full year 2025.
MFA paid a regular cash dividend of $0.36 per common share on January 30, 2026, and announced a new $200 million stock repurchase program authorized through the end of 2028.
Net interest income increased to $231.1 million in 2025 from $202.7 million in 2024. The residential investment portfolio grew to $12.3 billion at December 31, 2025, and 60+ day delinquencies declined to 7.1% at year-end 2025 from 7.5% at year-end 2024.

Feb 18, 2026, 1:45 PM

8-K

MFA Financial, Inc. Announces Fourth Quarter and Full Year 2025 Financial Results

MFA

Earnings

Share Buyback

New Projects/Investments

MFA Financial, Inc. reported GAAP net income of $43.6 million ($0.42 per basic and diluted common share) and distributable earnings of $27.8 million ($0.27 per basic common share) for the fourth quarter ended December 31, 2025. For the full year 2025, GAAP net income was $136.5 million ($1.31 per basic common share) and distributable earnings were $104.0 million ($1.00 per common share).
The company's GAAP book value was $13.20 per common share and economic book value was $13.75 per common share as of December 31, 2025.
MFA achieved a total economic return of 9.0% for the full year 2025 and 3.1% for the fourth quarter.
The Board of Directors authorized a new $200 million stock repurchase program through the end of 2028, following the repurchase of 1,026,117 shares of common stock during 2025.
Net interest income for 2025 rose to $231.1 million from $202.7 million in 2024, and the residential investment portfolio grew to $12.3 billion at December 31, 2025.

Feb 18, 2026, 1:30 PM

Press Release

MFA Financial Announces Q3 2025 Financial Results and Strategic Initiatives

MFA

Earnings

Share Buyback

New Projects/Investments

MFA Financial reported a total economic return of 2.6% for Q3 2025, with a GAAP book value of $13.13 per share and an economic book value of $13.69 per share. The company paid a common dividend of $0.36 per share.
GAAP earnings for the quarter were $48.1 million, or $0.36 per basic common share, while distributable earnings (DE) were $21 million, or $0.20 per share, impacted by $0.11 per share in credit losses. The company expects DE to reconverge with the common dividend by mid-2026.
Strategic initiatives to boost earnings and ROEs include deploying $100 million of excess cash into target assets, growing Lima One originations (which increased 20% from Q2 to $260 million in Q3), and reducing run-rate G&A expenses by 7-10% versus 2024 levels.
The company acquired $1.2 billion of loans and securities in Q3 2025, including $453 million of non-QM loans and $473 million of agency securities, and resolved $223 million of non-performing loans, generating a $15 million gain. MFA also repurchased approximately 500,000 shares of common stock at a 27% discount to economic book value.

Nov 6, 2025, 4:00 PM

Transcript

MFA Announces Q3 2025 Financial Highlights and Portfolio Growth

MFA

Earnings

Dividends

Share Buyback

MFA reported GAAP Net Income of $0.36 per common share and Distributable Earnings of $0.20 per common share for Q3 2025, alongside a quarterly dividend of $0.36 per common share.
The company's investment portfolio expanded by over $400 million to $11.2 billion in Q3 2025, with $453 million in Non-QM loans and $473 million in Agency MBS acquired.
MFA's 60+ day loan delinquency rate decreased to 6.8% by September 30, 2025, and the company executed share repurchases of nearly 500,000 common shares during Q3.
As of September 30, 2025, GAAP Book Value per common share stood at $13.13 and Economic Book Value per common share was $13.69.

Nov 6, 2025, 4:00 PM

Presentation

MFA Financial, Inc. Announces Third Quarter 2025 Financial Results

MFA

Earnings

Share Buyback

New Projects/Investments

MFA Financial, Inc. reported GAAP net income of $37.3 million, or $0.36 per basic common share, and Distributable earnings of $21.0 million, or $0.20 per basic common share, for the third quarter ended September 30, 2025.
At September 30, 2025, the company's GAAP book value was $13.13 per common share and Economic book value was $13.69 per common share.
During Q3 2025, MFA acquired $1.2 billion of residential mortgage assets, including $453 million of Non-QM loans and $473 million of Agency MBS, increasing its investment portfolio to $11.2 billion.
The company repurchased nearly 500,000 shares of common stock and initiated cost reductions projected to decrease run-rate G&A expenses by 7-10% from 2024 levels. The delinquency rate for its loan portfolio also declined to 6.8%.

Nov 6, 2025, 1:45 PM

8-K

MFA Financial, Inc. Announces Third Quarter 2025 Financial Results

MFA

Earnings

Share Buyback

New Projects/Investments

MFA Financial, Inc. reported GAAP net income of $37.3 million ($0.36 per basic common share) and Distributable earnings of $21.0 million ($0.20 per basic common share) for the third quarter ended September 30, 2025.
As of September 30, 2025, GAAP book value was $13.13 per common share and Economic book value was $13.69 per common share.
The company acquired $1.2 billion in residential mortgage assets, including $453 million of Non-QM loans and $473 million of Agency MBS, and securitized $721 million of Non-QM loans.
MFA reduced its 60+ day delinquency rate to 6.8% at September 30, 2025, by resolving $223 million of previously delinquent loans.
Strategic actions included repurchasing nearly 500,000 shares of common stock and initiating cost reductions expected to lower G&A expenses by 7-10% from 2024 levels.